Question

1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...

1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:

Account Title Debit Credit
Accounts payable 108,000
Accounts receivable 188,000
Accumulated depreciation - equipment 278,000
Common stock 508,000
Cash 44,000
Cost of goods sold 498,000
Depreciation expense 78,000
Equipment 736,000
Interest expense 8,000
Inventory 168,000
Note payable (due in six months) 78,000
Rent expense 48,000
Retained earnings 84,000
Salaries and wages payable 26,000
Sales revenue 824,000
Salaries expense 138,000
Totals 1,906,000 1,906,000


Required:
Assuming no income taxes, compute the Kline's 12/31/18 total current liabilities:

Current liabilities

2/ Suppose that Laramie Company’s adjusted trial balance ignored the following information. Indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2018 Income Statement and 12/31/18 Balance Sheet. Assume no income taxes.

Additional Information 12/31/18 Assets 12/31/18 Liabilities 12/31/18 Owners’ Equity 2018 Net Income
The estimated uncollectible accounts receivable is now zero and should be $43,000.
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Answer #1
a) Kline Enterprises total current liabilities =
Accounts payable+Salaries and wages payable+Note payable (due in six months)
=108,000+26,000+78,000
212000
b)
Additional Information 12/31/18 Assets 12/31/18 Liabilities 12/31/18 Owners’ Equity 2018 Net Income
The estimated uncollectible accounts receivable is now zero and should be $43,000. O 43000 N O 43000 O 43000
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